Health and Benefits 101

Health and benefits insurance hero

Question 3

What “beyond basic coverage” tools can add value?

There are ways to better manage health care costs, allow employees to fund their health care expenses, and get faster access to their benefits information.


Beyond Basic Coverage Tools

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Flexible Spending Accounts (FSAs)

Pay for eligible out-of-pocket health and dependent care with pretax earnings

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Health Reimbursement Accounts (HRAs)

Pay for routine, non-catastrophic health care expenses

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Health Savings Accounts (HSAs)

Savings that help cover health care deductibles or even a portion of retiree health care expenses

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Premium Only Plans (POP)

Allow employees to save by paying their share of insurance premiums on a pretax basis, and enable employers to save by not paying FICA and unemployment taxes on those amounts. Typical eligible premiums include Health, Dental, Vision, Disability, and Life Insurance

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Access to Online Portals for Enrollment and Changes

Streamlines the process for benefits open enrollment and enables employees to make benefits changes online, virtually at any time (Depends on broker and carrier).

Keep In Mind

In order to benefit from any of the above, a health plan must be in place.

Next Question: Why does H&B coverage matter?

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